July 27 (Reuters) - U.S. stocks were set to open slightly higher on Friday as Amazon’s robust earnings buoyed the FAANG group of high-flying stocks and data showed that the U.S. economy grew at its fastest pace in nearly four years.

Gross domestic product increased at a 4.1 percent annualized rate as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July.

“At the end of the day, it really is about what is truly going on in the market and what is truly going on is earnings,” said J.J. Kinahan, chief market strategist at TD Ameritrade in Chicago.

“There just seems to be a lot of evidence the economy is really humming right along. The only part of the economy that seems to be struggling is wages. But everything else, it is really hard to argue with.”

Shares of Amazon.com jumped 4.1 percent in premarket trading, set to hit a record high and reclaim the $900 billion market value, after forecasting strong sales and posting a profit that was double analysts’ estimates.